Daniel Vasella is to step down as chief executive of Novartis to concentrate on the chairmanship, in a surprise move by the Swiss pharmaceuticals group that will delight the company’s corporate governance critics.
Dr Vasella, who has headed the group for the past 14 years, will be succeeded from February 1 by Joe Jimenez, head of Novartis’s core pharmaceuticals division. Mr Jimenez, from the US, is a relative newcomer to the industry, having previously worked in the consumer goods and private equity industries before moving to Novartis.
The change at the top came as the group announced a sharp rise in sales and profits for 2009 on Tuesday, in spite of relatively slow growth in the drugs industry.
Earnings rose 8 per cent to $10.27bn, while sales increased by $44.27bn, driven by the core pharmaceuticals business.
Dr Vasella – who has been with Novartis and its predecessor company for most of his working life – had given no indication of plans to relinquish the chief executive’s position to concentrate on the chairmanship. He had staunchly defended combining the two posts, in spite of regular attacks from corporate governance specialists and critics of his substantial pay package.
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Joerg Reinhardt, the Novartis veteran and current chief operating officer who had been viewed as a likely successor to Dr Vasella, will leave the company, as will Andreas Rummelt, another group veteran.
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